In the end, Yahoo managed to beat the Street just before becoming property.
As has been reported, Verizon is buying Yahoo, but the beleaguered internet company spent its last quarter as a public company putting up numbers that showed some promise. The company said Tuesday (April 18) that its unadjusted earnings were up 125 percent to $0.18 a share — in the March period. The top line also improved nicely, up 22 percent, to $1.33 billion. Those metrics outpaced the $0.14 a share analysts expected on $1.2 billion.
And, as IBD noted, this was the third straight quarter where the conference call with analysts, once standard protocol, was cancelled. That takeout is slated to be finalized in June of this year.
Under the terms of the deal struck in July of last year, the core web portal operations of Yahoo are being sold for $4.8 billion, lower by $350 million than the initial purchase price before a series of data breaches were uncovered. Yahoo is also spinning off foreign assets, including the 15 percent stake in Alibaba. That unit will be trading under the ticker AABA.
Upon completion of the deal, Verizon will combine the Yahoo business with AOL, which Verizon bought for $4.4 billion two years ago.
“As we enter our final quarter as an independent company, we are committed to finishing strong and planning for the best possible integration with Verizon,” Marissa Mayer, CEO, said in the earnings release.
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